THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

25 July 2025                                                                                                             

Everest Global plc

("Everest" or the "Company")

Unaudited interim results for the six months ended 30 April 2025

The Board of Everest is pleased to announce its unaudited results for the six months ended 30 April 2025.

Chief Executive Officer's report

The unaudited interim results for the six-month period ended 30 April 2025 have been pleasing. The company is growing its presence in the London alcohol retail market and is considering growing its footprint further in this sector, with the addition of new retail stores. This period has seen significant transformation and growth, marked by a substantial increase in revenue, a return to profitability, and the successful expansion of our retail footprint.

The first half of the 2025 fiscal year has been a period of achievement for Everest Global plc. The Board is delighted to report a turnaround in the Group's financial performance, transitioning from a loss in the previous comparable period to a profit. This success is a direct result of the strategic initiatives executed, including the full integration and revenue contribution of our existing alcohol retail shops and the outstanding performance of our new London store, which commenced operations in January 2025.

Revenue for the six-month period surged by approximately 100% to £270,251, a clear indicator of our growth and the successful execution of our expansion strategy. Gross profit margins have shown a healthy improvement, reflecting better supplier terms and a favourable product mix. Administration expenses saw a controlled increase to £312,929 from £291,346, an increase that is well below the rate of revenue growth. This reflects prudent cost management and the operational leverage of our business model. This top-line growth, combined with disciplined cost management and improved operational efficiencies, has enabled the Group to report a profit before one-off items of £75,617, a stark and welcome contrast to the loss of £285,307 in the corresponding prior period.

Finance costs have been impacted by the interest on convertible loan notes relative to the comparable prior period, as previously disclosed. However, as described in the full year accounts, the Board implemented a treasury strategy to actively managed our cash reserves to generate higher finance income through investing in short-term secured loans, offsetting these costs. These investments have been fully repaid.  The Group is reviewing its treasury management strategy, but for the time being does not expect to invest surplus capital in short-term loans.   

The Group maintains a healthy cash and near-cash position and a strengthened balance sheet. The positive cash flow from operations during this period underscores the sustainability of our business model.

The new store, which opened its doors in January 2025, has exceeded initial expectations. Its performance has been a key driver of our revenue growth and has contributed positively to our overall profitability from its first full quarter of operation. This successful launch provides a replicable blueprint for future expansion. We are closely monitoring key performance indicators such as like-for-like sales growth, gross margin percentage, and inventory turnover, all of which are trending in a positive direction.

Our strategic focus remains on expanding our presence in the food and beverage distribution sector and where strategic manufacturing. The early success of our latest store opening validates our business model and provides a strong platform for future growth. We are committed to building on this momentum, driving shareholder value.

Everest Global plc is committed to a clear and focused strategy of growth. We continue to identify and evaluate opportunities, with a view to further increasing our value and shareholder returns.

The Board acknowledges that the Group operates in a dynamic market and is subject to various risks. A comprehensive risk management framework is in place to identify, assess, and mitigate these risks and is detailed below.

The six-month period ended 30 April 2025 has been a testament to the successful execution of our strategic vision. The remarkable turnaround from a significant loss to a healthy profit, coupled with substantial revenue growth, underscores the strength of our business model and the dedication of our team.

During the period, the Company issued issue a further £250,000 convertible loan notes (CLN) to Surich Real Estate Opportunity Fund SPC ("SPC") under the terms of the Loan Note Instrument. Following the issue of these CLN, SPC holds CLN with an aggregate value of £3.25 million. In addition, SPC advanced an amount of approximately £155,000 (the total investment made in respect of this advance and the above mentioned CLN was HK$4 million which is subject to conversion at the prevailing exchange rate) over and above the CLN which will attract the same interest rate as the CLN (being 6 per cent. per annum) and, if and when topped up to £250,000, can be converted into a CLN under the Loan Note Instrument.

The Board is confident that Everest Global plc is on a clear path to creating sustainable, long-term value for our shareholders. We thank you for your continued support and look forward to reporting on our further progress at the end of the fiscal year.

I would like to thank the Board and our advisers for assisting during the period.

The focus for 2025 will be to continue the growth the Company via acquisition, investment and joint ventures. The Company will require additional capital to invest in these ventures.

The unaudited interim report for the 6 months ended 30 April 2025 is available on the Company's website at:  www.everestglobalplc.com  and in hard copy form at the Company's registered office at The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW

It will also shortly be available for inspection at: www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism. 

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). With the publication of this announcement, this information is now considered to be in the public domain.

The Directors of the Company accept responsibility for the content of this announcement.

For further information please contact the following:

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

Principal risks and uncertainties for the remaining 6 months of the financial year

The Directors consider the following risk factors to be of relevance to the Group's activities. It should be noted that the list is not exhaustive and that other risk factors not presently known or currently deemed immaterial may apply. The risk factors are summarised below:                                                                   

i.              Failure to identify or anticipate future risks

Although the Directors believe that the Group's risk management procedures are adequate, the methods used to manage risk may not identify or anticipate current or future risks or the extent of future exposures, which could be significantly greater than historical measures indicate.                           

ii.             The Company may be unable to raise funds to complete any further acquisitions for growth

The Company intends to make further acquisitions in the food and beverage industry with a focus on the beverage distribution and production sector in the UK and the rest of Europe. Although the Company has not formally identified any prospective targets, it cannot currently predict the amount of additional capital that may be required.

iii.            Ownership and reverse takeover risks

The Company's next acquisition may be a reverse takeover. If an acquisition is made, its business risk will be concentrated in a single target until the Company completes an additional acquisition, if it chooses to do so. In the event that the Company acquires less than a 100 per cent. interest in a particular entity, the remaining ownership interest will be held by third parties and the subsequent management and control of such an entity may entail risks associated with multiple owners and decision-makers. In circumstances where the Company were to undertake a reverse takeover, the Company would seek re-admission to the FCA's official list and would need to satisfy the minimum market capitalisation requirement of £30,000,000 to gain entry to the equity shares (commercial companies) category under the new UK listing rules which came into effect in July 2024. In the event that the Company was unable to meet the eligibility requirements to maintain its listing, it would either not be able to complete a reverse takeover (and would need to find another acquisition target) or its listing would be cancelled (in which circumstances either the Company would seek admission to an alternative exchange or shareholders would no longer be able to trade their shares on a public market).

iv.            Reliance on consistent supply

The beverage industry is dependent on prompt supply and quality transportation of beverage ingredients and finished goods. Disruptions such as adverse weather conditions, natural disasters and labour strikes in places where supplies of beverage ingredients are sourced could lead to delayed or lost deliveries or deterioration of ingredients and may, amongst other things, result in an interruption to the business of the Group or a failure of the Group to be able to comply with relevant legislation and provide quality food / beverage and services to customers, thereby damaging its reputation.

v.             Maintenance of quality of products and services

In the beverage industry, it is essential that the quality of products is consistent. Any inconsistency in the quality of products may result in customer dissatisfaction and hence a decrease in their loyalty.

vi.            Identifying a suitable acquisition target

The Board has adopted an acquisition strategy to make acquisitions in the beverage industry with a focus on the beverage distribution and production sector in the UK and the rest of Europe. This has already directly led the Company to acquire PL, a wine retailer in the South of England. The Company will be dependent upon the ability of the Directors to identify suitable acquisition opportunities in the future and to implement the Company's strategy.

vii.           Demand for the Group's products may be adversely affected by changes in consumer preferences

The Company's success will depend heavily on the maintenance of the brands in which it invests and the ability of the Company to adapt the companies in which it invests, taking into consideration the changing needs and preferences of its customers. Consumer preferences, perceptions and spending habits may shift due to a variety of factors that are difficult to predict and over which the Group has no control (including lifestyle, nutritional and health considerations). Any significant changes in consumer preferences or any failure to anticipate and react to such changes could result in reduced demand for the Group's products and weaken its competitive position.                               

viii.          Highly competitive sector

Although the beverage distribution and production sector is a highly competitive one in which barriers to entry are often low, the alcohol industry, like any other, has its own set of barriers to entry that can make it challenging for new players, to establish themselves.

ix.            Actions of third parties, including contractors and partners              

The Group may be reliant on third parties to provide contracting services. There can be no assurance that these relationships will be successfully formed or maintained. A breach or disruption in these relationships could be detrimental to the future business, operating results and/or financial performance of the Group.                                        

The Company continually identifies the risks that could affect its goals and operations. It assesses the likelihood and impact of each risk and prioritises them accordingly.                                                                            

Internal controls are designed and implemented to mitigate or reduce the risks, or transfer or avoid them if possible. The Directors monitor and evaluate the effectiveness and efficiency of the internal controls and identify any gaps or weaknesses as well as review and update the internal controls periodically, or when there are significant changes in the business environment or objectives.                                                                    

Responsibility statement

The Directors, being Xin (Andy) Sui (Chief Executive Officer), Robert Scott (Non-Executive Director), Simon Grant-Rennick (Non-Executive Director) and Feng Chen (Non-Executive Director), all of 7^th Floor The Broadgate Tower, 20 Primrose Street, London, EC2A 2EW, accept responsibility for the information contained in this set of interim results for the six month period ended 30 April 2025.

To the best of the knowledge of the Directors:

·      The condensed set of financial statements are prepared in accordance with the applicable set of accounting standards (with IAS 34 'Interim Financial Reporting' as contained in UK-adopted IFRS), give a true and fair view of the assets, liabilities, financial position and profit or loss of Everest Global Plc and the undertakings included in the consolidation taken as a whole;                                                

·      the interim management report, titled 'Chief Executive Officer's report' includes an indication of important events that have occurred during the first six months of the financial year, and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and                                                   

·      the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). There were no related party transactions in the period ended 30 April 2025 nor were there any changes in the related party transactions described in the annual report and accounts for the year ended 31 October 2024 that could have a material effect on the financial position or performance of the Group during the six month period ended 30 April 2025.

Everest Global plc acknowledges that it is responsible for all information drawn up and made public in this set of interim results for the period ended 30 April 2025.                                                                            

Xin (Andy) Sui                                                                      

Chief Executive Officer                                                                      

Interim condensed consolidated statement of comprehensive income